EquiLend: Securities Lending Generated $1.11 Billion in February
March 4, 2026
The global securities lending industry continued January’s momentum, generating $1.11 billion in February, according to EquiLend Data & Analytics, a 24% increase year over year. Amid global market volatility, loan balances continued to rise, averaging $4.22 trillion for the month as utilization and securities lending demand increased across the globe.
The lender-to-broker market generated $871 million in February 2026, a 24% increase from the same month last year. Broker-to-broker activity, where broker-dealers lend and borrow securities from each other, accounted for an additional $240 million, up 25% from the same period last year.
Equities led the month’s performance, with lender revenue reaching $637 million (+26% YoY), continuing the strong momentum seen last month and throughout 2025. Fixed income revenues rose to $234 million (+17% YoY).
In North America, lender-to-broker equity revenue increased 7% year over year, driven by a 36% rise in loan balances. Despite fees falling 20% compared to February 2025, lending revenue rose to $298 million. Corporate bond lending revenue increased 15% to $38 million, as a 27% increase in balances offset a 10% decline in fees. Government bond lending revenue rose 19% year over year, while U.S. Treasury loan balances increased 21%.
Lender-to-broker revenue for EMEA equities increased by 61% year-over-year, to $85 million. Loan balances increased 44%, while fees rose 13% over the same period. Increased demand in the United Kingdom, Germany, and France contributed to the move, with Modivo SA (CCC PL) as the highest earner in the region. Corporate debt lending revenue increased 5%, as a 23% rise in loan balances offset a 16% decline in fees. Lending revenue from French OATs continued to support European government debt, contributing to a 22% year-over-year increase for the region.
Asia-Pacific (APAC) lender-to-broker equity revenue rose 46% year-over-year to $250 million, led by Taiwan, Japan, and Hong Kong. The primary driver was higher balances, up 48% year over year, as regional valuations remained elevated.
Single-stock revenue leaders for February were Infosys LTD ADR (INFY US), Enbridge Inc (ENB US), Lucid Group Inc (LCID US), iShares Trust iBoxx Investment Grade Corp (LQD US), and Immunitybio Inc (IBRX US), which collectively generated $41 million, or 5% of lending revenue.
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